Live markets: Bitcoin's flat action continues as SpaceX IPO, Nvidia earnings capture news cycle
CoinDesk
While Bitcoin prices remain stagnant, the HYPE token of Hyperliquid reached record highs amid a significant short squeeze and strong institutional interest.Summary
Bitcoin continues to experience flat market performance as broader financial news, such as the SpaceX IPO and Nvidia's earnings, dominates the headlines. However, the HYPE token, native to the Hyperliquid protocol, surged to a record high of $59.30 following a massive short squeeze that saw $33.5 million in short positions liquidated within 24 hours.
The rally is supported by strong protocol fundamentals, including $896 million in annual revenue, much of which is used for HYPE token buybacks. Institutional momentum is also growing, with 21Shares and Bitwise launching U.S.-listed Hyperliquid ETFs on Nasdaq, and major industry players like Coinbase and Circle participating in new protocol upgrades.
(Source：CoinDesk)